Jeffrey M. Rosenblum, P.C.
A Fresh Start

Long Island Bankruptcy Law Blog

Fyre Festival forced into bankruptcy by federal judge

A federal judge has forced the failed Fyre Festival into bankruptcy in New York. The ruling was issued late in August and includes the company that owns the festival. The judge approved an involuntary petition for bankruptcy that was filed against Billy McFarland and Fyre Fest LLC. The approval from the judge forces Chapter 7 bankruptcy.

The petition was requested in July by a trio of investors. The investors claimed that they invested some $530,000 in the festival. The event was scheduled to take place over the span of two weekends in the Bahamas. It was to be headlined by Major Lazer, Blink-182 and G.O.O.D. Music. All three investors were promised that they would be repaid by May of 2017, but have yet to see any money.

Weighing the pros and cons of available options for debt relief

If you are facing an insurmountable amount of debt, chances are, your monetary obligations may be causing you to suffer a lesser quality of life. You might be spending most of your time researching the available options, but with so many available outlets for relief, you could be uncertain how to proceed.

In your search for relief, you may have come across numerous offers for debt settlement. Although at first glance, this might seem exceedingly enticing, you might want to consider additional avenues, as filing for bankruptcy could be a much more viable option.

What are the benefits of Chapter 13?

Sitting under a mountain of debt is overwhelming, no matter your job status or income. Repaying debt can be a very difficult situation, which is why many people look into bankruptcy as an option. For some, it is their only option. For others, it is a last resort. Here are the benefits of filing for Chapter 13 bankruptcy.

One of the biggest advantages of filing for Chapter 13 is the fact that you can avoid foreclosure on your home. This is different from Chapter 7. Even if your home is in the foreclosure process, it can be stopped almost immediately by filing for Chapter 13.

How to determine if asset liquidation is the right move

Finding yourself in debt that continues to mount is quite an ordeal. Many people who find themselves in debt tend to have trouble getting out of it quickly. If debt continues to mount, you will need to find different ways to pay it down. Sometimes having a full-time job just doesn't help. Today, we will take a look at asset liquidation as a way to pay down debt.

When you come to the realization that your income will not be able to help you climb out of debt, it might be time to consider asset liquidation. There are pros and cons to performing asset liquidation and you must realize all of them prior to making a decision.

The repayment journey of Chapter 13 bankruptcy

Filing for Chapter 13 bankruptcy is a difficult decision to make in New York. It means you have gotten into a bad situation and haven't been able to work out of it. Here is some information for the repayment journey of Chapter 13 bankruptcy in Long Island.

The first step in the filing process is to attend credit counseling. You will not be able to open a case without proof of credit counseling. You must see a credit counselor who will then determine if your case does warrant you filing for bankruptcy.

4 critical things you should know about bankruptcy

You're going to file for bankruptcy. You've tried to cut back on your spending, but there's just no way to pay off what you owe. Your income doesn't fit your debt, at least not anymore.

If so, know that bankruptcy is a useful tool when you understand it and use it correctly. Below are four important things to know as you move forward.

Should you appeal your tax audit results?

The idea of facing an IRS audit can cause many New York residents to feel anxious. Often, this feeling may have you paying close attention to your tax records and documents in hopes of lessening your likelihood of getting the dreaded letter indicating that the government office intends to audit you. Unfortunately, even despite best efforts, you could still find yourself having your financial information coming under review.

In the event that the IRS does find an issue with your tax return, you could potentially face fines and penalties. However, before simply accepting the results of their audit, you may wish to consider filing an appeal. Many people do not know about this option, but it could potentially help your situation.

Defining a wage-earner plan in Chapter 13

Dealing with overwhelming debt is both bad for your credit score and for your health. Overwhelming debt can lead to a ton of stress, which can wreak havoc with your body. One option those suffering under a mound of debt have is to use a wage-earner plan in Chapter 13 in Long Island.

A wage-earner plan is just what it sounds like; it's a plan for people who have a regular income to use in an effort to pay down their debt under Chapter 13 bankruptcy. The plan lets people pay their debt either in whole or in part over the span of three to five years.

Complaints against Alfred Angelo continue to mount

Complaints filed against the bridal company known as Alfred Angelo continue to mount in the state of New York. The company unexpectedly closed its doors earlier this month, leaving brides across the New York area scrambling when it came to their wedding dress.

According to the New York State Attorney General's Office, 57 people recently filed complaints with the office due to the closing of the company's stores in the state. Only two of those complaints came from New York City. The company closed a total of 60 stores on July 13 without notice to customers.

Know the ins and outs of how Chapter 13 bankruptcy impacts you

A Chapter 13 bankruptcy is something that isn't taken lightly by the filer. Many people automatically think that filing bankruptcy is irresponsible, but that is simply not the case. Instead, bankruptcy is a way that you can take control over your finances again. We know that you might have some questions that you would like for us to answer. We will be happy to do this for you.

This type of bankruptcy is often referred to as the working man's bankruptcy because it requires you to make enough money that you are able to pay your normal bills and make payments to the bankruptcy trustee. It is imperative that you make the payments on time because this is the only way the bankruptcy will be discharged.